| Variable | Variable symbol | Variable definitions |
| Donation | giving | the natural logarithm of the total amount of corporate charitable donations |
| Environmental performance | env | the natural logarithm of the total amount of sewage charges of enterprises |
| Enterprise age | age | study year minus establishment year |
| The scale of the enterprise | size | the natural logarithm of final asset |
| liabilities | debt | asset-liability ratio |
| Enterprise liquidity | slack | current asset-liability ratio |
| Performance | performance | return on total assets |
| Duality | dua | whether the chairman is also the CEO, yes is 1, otherwise 0 |
| The education level of board | b_edu | The average of the total educational level of all directors on the board (1 = secondary and secondary school, 2 = college, 3 = undergraduate, 4 = graduate, 5 = doctoral) |
| The average age of board | b_age | The average age of all the members on the board |
| The shareholding ratio of the largest shareholder | first | The shareholding ratio of the largest shareholder |
| The ratio of independent directors | ra_inde | The ratio of independent directors |
| Industry | Industry | Industry dummy variable |
| Year | Year | Year dummy variable |